This is incorrect. The IRS only requires the filing of form 8300 if, and only if, you've received a transaction in excess of $10k _during the course of your trade or business_[1]. It does not apply to private citizens engaging in personal activities, such as trading digital currency.
This is also not a new thing; it's the same reporting you've always had to do when you engage in transactions outside of the banking system (e.g., in cash).
[1]: 26 USC §6050I, "Any person who: (1) is engaged in a trade or business, and (2) who, in the course of such trade or business, receives more than $10,000 in [cash, including digital assets]..."
The OP law link clearly amends the section to add ‘digital asset’, so someone somewhere thought this section didn’t always apply to crypto transactions.
The trade or business caveat does seem important, but who says ‘trading digital currency’ is always a ‘personal activity’? I’d bet good money the IRS has a different opinion.
Personally, my takeaway is that if someone is regularly getting $10k transactions in crypto, they can probably hire good accountants and lawyers to figure this out for them, so I’m not too worried. Can wait for the clarifying court opinion to come out.
This is also not a new thing; it's the same reporting you've always had to do when you engage in transactions outside of the banking system (e.g., in cash).
[1]: 26 USC §6050I, "Any person who: (1) is engaged in a trade or business, and (2) who, in the course of such trade or business, receives more than $10,000 in [cash, including digital assets]..."